![]() You can also choose the mode for the premium payments – the Single Pay mode allows a single lump sum premium payment, while Limited Pay means that you pay premiums for a duration shorter than the policy term. ![]() ![]() The premium payments can be made monthly, quarterly, half-yearly or annually. But if you survive the term, you can claim the maturity benefit as determined under the policy. Likewise, in a savings plan or a Unit-Linked Insurance Plan, the death benefit will be paid out as per the above condition. Otherwise, the policy will terminate at the end of the tenure, and no benefit can be paid out. Depending on the type of policy you have purchased, either your family will receive a death benefit in the event of your demise, or you can claim the savings or returns on maturity.įor example, a pure term plan will only pay the death benefit to your beneficiaries in case of your death during the policy term. When you buy a policy from your insurer, you will need to pay a certain amount of premiums to keep the policy active. Life insurance, in simple terms, is an agreement or contract between a life insurance company and you, a policyholder. ![]()
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